Liquid biopsy technology has evolved into a promising, minimally invasive clinical tool for cancer diagnosis and oncology research. Liquid biopsy is a broad term referring to the testing of bodily fluids: spinal fluid, sweat, urine, and most commonly blood as it is materially dense; it is an analysis technique that detects various biomarkers, including common biomarkers such as circulating tumor cells (CTCs), circulating tumor DNA (ctDNA), and exosomes. There is particular interest in how effective early cancer diagnosis with liquid biopsies are, and its accuracy in early diagnosis prior to other prominent cancer testing/screenings. After studying a bibliometric review, we identified hot spot topics to focus on and wrote this non-systematic review article regarding new details about common biomarkers (ctDNA, exosomes, and CTC), novel technology, and recent tissue vs. liquid biopsy comparisons (non-small cell lung cancer and glioblastoma). More specifically, our study focuses on particular cancers and associated novel progressions in clinical studies that utilize liquid biopsies. This literature review covers updated findings from other reviews and clinical studies centered on recent advances in standardization, development, and application of novel high-throughput technology. This study also compares tissue biopsies—a standard cancer diagnostic technique—and its complementary role in early cancer detection with liquid biopsies. Additionally, this paper explores topical challenges in liquid biopsy specificity, efficacy, and cost-efficiency in regards to personalized cancer diagnosis and treatment.